Run private markets
Create an auction-only private market, administer its approved-participant list, and understand what non-members can and cannot see, including the market's intentionally public on-chain footprint.
A private market restricts a listing to an approved audience: only wallets on its operator-administered participant list can see the market or place orders. Private markets trade exclusively through scheduled call auctions, which suits private placements and restricted distributions where continuous public price discovery is not wanted. This page covers creating a private market, administering its participant list, and the visibility guarantees and limits you should be able to state to compliance.
Before you start
- You hold the venue-operator role: platform administrator or organization owner.
- You know the wallet addresses to approve. The list is keyed by wallet address; every approved wallet must still belong to an identity-registered participant, and the tokens' own compliance rules remain the final judge at fill time.
What private means, precisely
| Surface | Non-member experience |
|---|---|
| Markets list | The market is absent. |
| Market detail, book, trades, candles, ticker, calendar | Not-found, exactly as if the market id does not exist. Never a forbidden answer that would confirm existence. |
| Live stream | Not-found on connect. An open stream stops delivering within one poll cycle of a mid-session removal. |
| Watchlists | The market silently drops out of the member's watchlist reads and reappears if access returns. |
| Order placement | Intake rejects an order whose signed maker wallet is not on the list. |
A caller sees the market when any wallet they control is on the list; an order is accepted only when the signed maker wallet itself is listed.
Create a private market
List the market as auction-only and private
Create the market from Venue operations with the auction-only trading mode and the private visibility flag, and optionally seed the initial participant wallets. Both settings are immutable after listing: changing either later means delisting and listing a new market.
Choose the remainder behavior
Pick what happens to unfilled auction remainders: carry to the next auction at original price-time priority, or cancel after each uncross. This choice is fixed at creation.
Give the market a calendar
An auction-only market trades only when its calendar schedules an auction: an order-collection window followed by one uncross at the clearing price. Configure it under trading calendars.
Complete the listing ceremony
The usual ceremony applies unchanged: custodian-role grants from both issuers, feed-writer verification, and fee-account eligibility.
Administer the participant list
Open the market's Participants panel to review, add, and remove approved wallets. The list is paginated, and each addition and removal is recorded in the audit trail with its actor.
- Add a wallet address to approve it. The market becomes visible to the participant controlling that wallet, and the wallet can place orders in the next collection window. Re-adding a listed wallet changes nothing.
- Remove a wallet to revoke access. The removal prunes the wallet's resting orders and dormant stop orders and releases their reserved balances; the Console shows the pruned order count before you confirm. The removed participant stops seeing the market on every surface.
Troubleshooting
| Issue | What to check |
|---|---|
| An approved participant's order is rejected at the fill | The participant list gates access; the token's compliance rules still judge every fill. Check the participant's identity claims against the listed tokens. |
| A member reports the market missing | Their approved wallet was removed, or they are signed in with a participant that controls none of the listed wallets. |
| You cannot make an existing market private | Visibility is immutable after listing. Delist and create a new private market. |
| A non-member asks about on-chain activity they observed | Expected: the chain footprint is public by design. The platform surfaces are what the participant list controls. |
Related operations
- Configure trading calendars for the auction schedule
- Trading venue market structure for the private-market and auction model
- Trading venue compliance model for the visibility trust boundary stated for reviewers
Configure Trading Venue trading calendars and sessions
Give a market an IANA timezone, a weekly session template, and dated exceptions so it opens through a preopen auction and closes on schedule, and override the calendar when a session must move.
Set Trading Venue price bands and order thresholds
Configure the static and dynamic price bands and the maximum order quantity and notional per market, preview how many resting orders a tighter setting would strand, and prune them as an explicit separate action.